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The bank, a partnership between Afreximbank and the African Petroleum Producers Organisation, is meant to help plug a funding gap in Africa amid pressure on major banks from environmental groups to shift investment dollars away from climate-warming oil and gas projects. The bank is set to start operations this year with an initial $5 billion.
Kenya has defied a global funding drought for budding companies to post a 17 percent increase in new startup investments, toppling Nigeria and Egypt as the continent’s largest destination for startup financing. In 2023, 62 Kenyan startups raised an estimated $673.78 million from local and international investors, a rise from the $574.8 mln in 2023.
Startups across Africa raised a total of $217 million in February 2024, representing a 182% increase when compared with January. The report indicated that 38 startups raised at least $100k last month in equity, debt, or grants. 38 startups raised at least $100k last month (in equity, debt, or grants).
REPP 2, a new debt fund focused on catalyzing investments in the rapidly growing renewable energy sector in Sub-Saharan Africa. REPP 2 is being developed by climate and impact fund manager Camco and is designed as a $250 million fund aiming to generate substantial climate, economic, and gender-related impacts while ensuring viable returns.
As part of a regional program, the World Bank is providing a $300 million credit facility to the Trade and Development Bank (TDB). This initiative finances access to renewable energies, including clean cooking, in Eastern and Southern Africa.
In 2023, the firm launched the Renew Venture Lab Fund series, focusing on early-stage tech and tech-enabled companies. With a “founder first” approach, Renew Capital prioritizes the character and vision of founders. “We believe in founders with integrity, intelligence, grit and vision who can lead their countries forward,” explains Matt.

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